President of Panathinaikos FC Leaves Club

President of Panathinaikos FC Yiannis Alafouzos announced that he is leaving, unable to shoulder the financial burden of running the club.

The main shareholder of the historical Athens team, and owner of Skai media group, released a written statement saying that after he put 42 million euros in the club he can no longer afford to be involved in its management. However, he said, he is willing to put another 20 million for operational costs.

The Panathinaikos main shareholder criticized the shady side of Greek soccer saying that no matter how hard he tried to fight corruption, the underground forces are too powerful to deal with.

Alafouzos called on all wealthy Panathinaikos supporters to step forward and contribute financially to keep the club afloat. At the same time, he thanked all the fans who supported his effort.

“I apologise to them (fans) because I disappointed them and because I can not shoulder the responsibility anymore. I did what I could. The moment of truth has arrived. Those who love the club and those who can afford to help, now is the time to do it,”, he concluded.